Arsene Wenger has stressed that the looming Champions League qualifier against Celtic will carry a crucial significance for Arsenal from a sporting rather than a financial perspective.

With the Champions League worth up to £40 million per season, it has formed a highly significant slice of Arsenal's recent overall revenues, but, despite the ongoing need to refinance the £133 million Highbury Square loan, the impact of elimination would not immediately be dramatic.

The danger, though, would be the effect on Arsenal's status and ability to attract the best players, with goalkeeper Manuel Almunia claiming that failure to beat Celtic would amount to a "tragedy" for the club.

"It is vital for the club, not only for the prestige, but also for the money," he said. "The fans need the team to be in the Champions League because that is where Arsenal deserve to be every year. It would be a tragedy not to be in the Champions League."

Wenger has never failed to deliver Champions League football during his 13 years at Arsenal, but there is a realisation that Celtic carry a genuine threat.

Under Gordon Strachan, they beat AC Milan and Manchester United at Celtic Park in Europe and also unexpectedly overcame a 1-0 deficit this week to eliminate Dinamo Moscow.

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"It's not crucial financially, it is crucial in the sporting side – we want to play with the best," said Wenger.

Celtic manager Tony Mowbray said there was a determination to uphold the club's European tradition in the first ever competitive match between two of Britain's most successful clubs.

"It's a glamour draw for both clubs," he said. "I have huge respect for Arsene and the job he's done at Arsenal.

"They don't spend the millions on players that other English clubs do, but they play with a real style and always try to entertain. That's down to Arsene and his philosophies."

The first leg will be played at Celtic on Aug 18 – although this may change as there is a U2 concert at Hampden Park on the same evening – with the return match at the Emirates on Aug 26.

St Etienne, meanwhile, said that they would not be selling midfielder Blaise Matuidi to Arsenal.

Wenger has hinted that he now only wants to add a striker and a defender to his squad and has been monitoring Fulham defender Brede Hangeland.

"It is a source of worry if a bigger club is interested because Brede is an important player," said Fulham manager Roy Hodgson. "He is one of our key figures and if we lost a key figure it would be an enormous blow for us."

In the Europa Cup draw, Everton were paired with Czech Republic side Sigma Olomouc in the inaugural play-offs, while Fulham meet Amkar Perm, from Russia.

Aston Villa play Rapid Vienna and Hearts face Croatia's Dinamo Zagreb. All four of these first-leg ties are scheduled for Aug 20.

Draw for the European Champions League play-off round:

Non-champions path

Lyon v Anderlecht

Celtic v Arsenal

Timisoara v Stuttgart

Sporting Lisbon v Fiorentina

Panathinaikos v Atletico Madrid

Champions path

Sheriff v Olympiakos

Salzburg v Maccabi Haifa

Ventspils v Zurich

Copenhagen v APOEL

Levski Sofia v Debreceni

First leg ties to be played on Aug 18/19; second leg ties on Aug 25/26.